【Zillow】2020 Housing Data in Review: How Housing Went from Solid, to Stuck, to Soaring in 12 Months

The global pandemic upset nearly every aspect of social life in 2020 and ended the longest economic expansion in U.S. records as millions were laid off or furloughed. But through a unique mix of market forces, the for-sale residential real estate market emerged as a pillar of growth and a source of optimism and opportunity for many in an otherwise bleak year. 

The rental market, on the other hand, fared worse: Rent appreciation slowed, and renters were disproportionately impacted by the pandemic. 

Although the market briefly hit pause in spring due to uncertainty and widespread stay-home orders, 2020 was a record-breaking year in residential real estate. Triple demand drivers of low mortgage rates, waves of first-time buyers and changing consumer preferences and remote work options coupled with supply shortages and shifting rent patterns took many housing stats to extremes. And in the face of the pandemic, we expect 5.7 million homes to trade hands by the end of the year; 5.9% more than did in 2019. 

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